MR 1269 – Special Conditions: Marine 50/50 Loss Sharing

SPECIAL CONDITIONS: MARINE 50/50 LOSS SHARING #

This endorsement forms part of

Section 1a yes/no
Section 1b yes/no

and is subject otherwise to the terms, provisions, conditions and exclusions contained in the policy of insurance or endorsed thereon.

1. Condition

1.1. The insured shall inspect each item of property insured upon unloading at the site or off-site storage site for possible loss or damage.

1.2. In the event that property insured is to be left in its packaging until a later date the packaging shall be inspected individually and if a sign of loss or damage is found the item involved shall be unpacked and inspected and any loss or damage discovered shall be reported under the marine cargo insurance.

2. Limit of indemnity

In the event that it is not possible establish whether the loss or damage has occurred before or after unloading the indemnity shall be shared equally between this policy of insurance and the marine cargo insurance.

3. Deductible

In respect of each and every occurrence of loss or damage shared between this policy of insurance and the marine cargo insurance the insurer shall not be liable for 50% of the amount of the respective deductible specified in the schedule.